Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate ineach calculation whether you are inflating or deflating the nominal GDP data.Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places.YearIITTEI19781988199820082018Nominal GDP,Billions$2,303.805,110.408,803.5014,451.4020,501.00Price Index(2005= 100)42.468.9887.51110.48130.09Real GDP, Billions Effect on Nominal GDP

Real GDP is a measure of the total economic output or production of a country, adjusted for…

Answered: Year 1978 1988 1998 2008 2018 Nominal…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Year 1978 1988 1998 2008 2018 Nominal GDP, Billions $2,303.80 5,110.40 8,803.50 14,451.40 20,501.00 Price Index (2005-100) 42.4 68.98 87.51 110.48 130.00 Real GDP, Billions. Effect on Nominal GDP